NYCHA PACT Union Avenue Consolidated (Bronx, New York)

In a joint venture with The Arker Companies, Omni New York and Dabar Development Partners, SBV and its partners are undergoing an in-place renovation of 983 units across 7 properties throughout the Bronx, New York. The PACT Union Avenue Consolidated project consists of walk-ups and mid-rise buildings that require extensive recapitalization and rehabilitation.

SBV and its partner’s focus is on a conversion of the project via RAD which will result in a significant rehabilitation of the properties, improved property management and the implementation of a robust and long-term social services plan. The twenty-four (24) month in-place restoration timeline will include the renovation of units including new kitchens and bathrooms, rehabilitation of building infrastructure and amenities, mitigation of lead and asbestos hazards, implementation of improved security measures, and development and implementation of a social services program tailored to the individual needs of the Union Avenue community. The anticipated total cost to recapitalize and rehabilitate the Property is approximately $385 million or $391,000 per unit with construction projected to begin in October 2023. Estimated completion for the project is September 2025.